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The premises has now been leased to the Barbon Insurance Group Ltd until 2027.

Explaining the reasons for the purchase, LSIP director Tom Blount said: “As a business local to the building, we are confident that this part of Lincoln is on the up. Therefore we have real confidence in the potential for this as an investment property.

“As a site specific developer, we are always interested in properties near our main site but, on the whole, our mission is to regenerate our site, rather than take on additional investment properties.”

He added: “We would obviously like to work with the tenant to help them consolidate their base in Lincoln and support local employment. We look forward to working with the company long into the future.”

Banks Long & Co, and Lambert Smith Hampton jointly marketed the building on behalf of the property’s owners Castle Square Developments, and revealed there was a lot of interest in Hestia House.

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Director William Wall said: “As expected, the joint agents were able to generate a high level of interest in this opportunity due to the security of income, fixed uplift and key strategic location.

“Following a round of best and final bids, the eventual sale price equated to 6.49 per cent Net Initial Yield.”

“Lambert Smith Hampton director, Sam Elkington, added: “Having sold the building originally to Castle Square Developments and then acted for them in the ongoing management of the building during their ownership, it was satisfying to be involved in the sale of the building.

“There was good interest and demand for the building on both a local and national level, but again it is pleasing to have helped secure a local buyer for the property.”